Gold and Silver Prices Surge on February 23 Amid Global Uncertainty
Gold and silver prices rose sharply on February 23, with MCX gold hitting ₹1,59,886 per 10 grams and silver reaching ₹2,68,120 per kg. The rally is driven by geopolitical tensions, US trade policy uncertainty, and strong demand for safe-haven assets, with international markets showing similar gains. Analysts expect precious metals to remain elevated amid ongoing market volatility.
Ellofacts
Gold and Silver Prices Surge on February 23
Gold and silver prices recorded strong gains on Monday, driven by global uncertainty and increased demand for safe-haven assets.
On the Multi Commodity Exchange of India (MCX), April gold futures climbed to ₹1,59,886 per 10 grams, rising by ₹3,010 (1.92%). Meanwhile, March silver futures jumped sharply to ₹2,68,120 per kg, up by ₹15,176 (6%).
In the international market, prices also remained firm. On COMEX, gold was trading around $5,182 per ounce, up nearly 2%, while silver gained 5.65% to $86.90 per ounce.
Reasons Behind the Price Rally
The rise in precious metal prices is mainly linked to:
* Growing geopolitical tensions
* Uncertainty over US trade policies
* Increased investor interest in safe-haven assets
Spot silver touched $87.10 per ounce , its highest level in over two weeks, while spot gold reached $5,163.60 per ounce, marking a three-week high.
Gold Prices on February 23 (Per 10 Grams)
* Chennai : 24K – ₹1,60,150 | 22K – ₹1,46,800 | 18K – ₹1,25,600
* Mumbai : 24K – ₹1,59,280 | 22K – ₹1,46,000 | 18K – ₹1,19,460
* Delhi : 24K – ₹1,59,430 | 22K – ₹1,46,150 | 18K – ₹1,19,610
* Kolkata : 24K – ₹1,59,280 | 22K – ₹1,46,000 | 18K – ₹1,19,460
* Bengaluru : 24K – ₹1,59,280 | 22K – ₹1,46,000 | 18K – ₹1,19,460
* Hyderabad : 24K – ₹1,59,280 | 22K – ₹1,46,000 | 18K – ₹1,19,460
* Kerala : 24K – ₹1,59,280 | 22K – ₹1,46,000 | 18K – ₹1,19,460
* Pune : 24K – ₹1,59,280 | 22K – ₹1,46,000 | 18K – ₹1,19,460
* Vadodara : 24K – ₹1,59,330 | 22K – ₹1,46,050 | 18K – ₹1,19,510
* Ahmedabad : 24K – ₹1,59,330 | 22K – ₹1,46,050 | 18K – ₹1,19,510
Silver Prices on February 23
Silver prices also remained strong across major Indian cities. In Delhi and other metros, 1 kg of silver was trading at around ₹2,74,900, showing significant gains in line with global trends.
Market Outlook
Analysts believe that continued geopolitical risks and policy uncertainties may keep gold and silver prices elevated in the near term. Investors are increasingly turning to precious metals as a hedge against market volatility and economic risks.
